Saks Fifth Avenue 2009 Annual Report Download - page 86

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at January 30, 2010 and
January 31, 2009, respectively, for the Company’s pension plan and SERP are as follows:
2009 2008
Change in benefit obligation:
Benefit obligation at beginning of period $ 148,671 $ 156,109
Service cost 70 846
Interest cost 8,442 10,613
Actuarial loss 11,623 (3,818)
Benefits paid (15,236) (15,079)
Benefit obligation at end of period $ 153,570 $ 148,671
Change in plan assets:
Fair value of plan assets at beginning of period $ 95,273 $ 165,878
Actual return on plan assets 22,643 (55,071)
Employer contributions to the SERP 1,075 1,309
Benefits paid (15,236) (15,079)
Administrative expenses — (1,764)
Fair value of plan assets at end of period $ 103,755 $ 95,273
Pension plans’ funding status:
Accumulated benefit obligation $ (153,570) $ (148,658)
Effect of projected salary increases — (13)
Projected benefit obligation (153,570) (148,671)
Fair value of plan assets 103,755 95,273
Funded status (49,815) (53,398)
Accrued pension cost classified in other liabilities at balance sheet date $ (49,815) $ (53,398)
Amounts recognized in the consolidated balance sheet:
Current liabilities $ (1,168) $ (1,179)
Noncurrent liabilities (48,647) (52,219)
Net amount recognized at balance sheet date $ (49,815) $ (53,398)
Significant assumptions were as follows:
2009 2008
Weighted-average assumptions used in measuring the Company’s benefit obligation:
Pension Plan:
Discount rate 5.1% 6.5%
Measurement date 1/30/2010 1/31/2009
SERP
Discount rate 5.5% 6.6%
Measurement date 1/30/2010 1/31/2009
F-30
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠